- LINK could be set for a rally after ranging for over 275 days as the price of LINK struggles to break above $7.7
- The price of LINK could rally after showing bullish signs with an attempt to break and hold above its daily 200 Exponential Moving average (EMA)
The price of Chainlink (LINK) has struggled for months now as the price was unable to break out of its range movement. With the price of LINK facing a tough bearish run and the collapse of major crypto projects, this has prolonged the breakout of LINK for months now.
But things could change for LINK as the price prepares to break above its accumulation zone, which has acted as a resistance holding off the price of Chainlink (LINK) from rallying higher.
The crypto market in recent weeks has shown much resilience as most crypto projects, especially AI tokens, have rallied with much bullish momentum hitting over 100% gains in a few days as many are caught up in the euphoria of AI technologies.
The price of LINK has shown much grit rallying from a low of $6.5 as the price aims to reclaim key levels 50 and 200 EMA that have been acting as resistances for the price of LINK. The price of $6.5 and $7.5 corresponds to the value acting as LINK resistance.
The price of Chainlink (LINK) reclaiming this region would mean a more bullish rally for the price of LINK. LINK’s price needs to break above $8 for the price to be free of its range movement; if the price of LINK fails to breakout of $8, we could experience more prolonged range movement.
There are high chances of a breakout as the price of LINK looks bullish on low and high timeframes.
LINK Major Resistance On The Weekly Chart – $8
LINK Major Support On The Weekly Chart – $7-$6.5
Image from Uzmancoin, the chart from Tradingview.com